Bank Failure
Mendon State Bank
BankRegReports is independent of Mendon State Bank and never asks for online banking logins or passwords.
Closed August 20, 1986 · Mendon, IL · FDIC Cert #13714.
- Closing date
- August 20, 1986
- Headquarters
- Mendon, IL
- FDIC Certificate
- 13714
- Total assets (last filing before closing)
- $18.9M
- Total deposits (last filing before closing)
- $17.6M
- Estimated loss to the insurance fund
- $8.0M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Midwest Bank Quinc
Context
On August 20, 1986, regulators closed Mendon State Bank, headquartered in Mendon, IL. At closing, the institution held approximately $18.9M in assets and $17.6M in deposits. The FDIC record names First Midwest Bank Quinc as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $8.0M.
By total assets in its last filing before closing, this is the 2386th largest of the 3,526 bank failures in the FDIC record, and the 103rd of 162 in 1986. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing, in nominal dollars, and can differ from the balance on the closing day.
Common questions
When did Mendon State Bank fail?
Mendon State Bank was closed by regulators on August 20, 1986.
Who acquired Mendon State Bank?
The FDIC record names First Midwest Bank Quinc as the acquiring institution in the resolution of Mendon State Bank.
How big was Mendon State Bank when it failed?
Mendon State Bank had approximately $18.9M in total assets and $17.6M in deposits at the time of failure.
Other failures in 1986
| Date | Bank | Assets |
|---|---|---|
| Dec 19, 1986 | Lakeland State Bank | $49.4M |
| Dec 19, 1986 | Farmers State Bank | $9.7M |
| Dec 18, 1986 | First Bank & Trust Co. | $94.9M |
| Dec 18, 1986 | Landmark National Bank | $12.9M |
| Dec 18, 1986 | Lago Vista National Bank | $11.9M |
| Dec 12, 1986 | Guaranty Federal Bank FSB | $63.8M |
| Dec 12, 1986 | First Savings of America | $47.0M |
| Dec 9, 1986 | The Citizens Bank of Windsor | $24.8M |
Explore: all failures · IL bank events · Bank failures in Illinois · 1986 events · events hub